The Bank of England has warned a million people will see £500 a month added to their mortgages over the next three years as fixed-term deals come to an end. That is on top of the 4.5million people who have already seen their mortgage bills rocket in recent months as they switched from old fixed-rate deals.
Ben Thompson, Deputy CEO at Mortgage Advice Bureau has shared his top tips to help anyone coming off a mortgage deal in today’s volatile economic climate.
Ben said: “Homeowners across the UK will be feeling concerned about where interest rates are now, and where they might be heading in the next six months. While the size of interest rate hikes seems to be smaller than they were at the start of the increase cycle, further increases in rates are likely as policymakers try and take back the reins on inflation.
